DW8 (DW8 ASX), or the “Company”, is pleased to announce the successful completion of the acquisition of Kaddy Australia Pty Limited (“Kaddy”).
The Kaddy transaction was approved by DW8 shareholders at the AGM held on 30 November 2021. All remaining conditions precedent have been satisfied. The acquisition of Kaddy was announced on 15 October 2021 (see ASX announcement).
Established in September 2019 by founders Mike Abbott and Rich Coombes, Kaddy has quickly grown its network of users to over 2,000 registered wholesale buyers and more than 450 suppliers to become Australia’s leading wholesale beverage marketplace.
Kaddy significantly strengthens DW8’s whole customer offering and Australian market share. Integrating Kaddy, with its strong growth and rapid adoption into DW8’s existing WINEDEPOT tech-enabled national logistics platform will unlock significant value for their users by providing them a solution that consists of one order, one invoice, one payment and one delivery solution.
DW8 CEO Dean Taylor said, “This is a very exciting point in DW8’s relatively short trading history, as we make a further significant investment to support our mission to create a technology platform capable of digitally transforming the entire wine and beverage industry.”
“Since launching two years ago, we have demonstrated our ability to develop and rapidly scale our smart logistics platform. As intended, this investment has provided us with the essential foundations required to support a vibrant and powerful marketplace capable of servicing every liquor licence holder in the country.”
“Over the same period, Kaddy has established itself as Australia’s leading wholesale liquor marketplace. Integrating the two technology platforms will create an unrivalled value proposition that will significantly accelerate our penetration into Australia’s $17 billion p.a. wholesale liquor market, while at the same time adding to what is already a substantial competitive moat.”
Kaddy co-founder Mike Abbott, who today joins DW8’s Board of Directors added, “It’s great to now have the transaction completed and formally to come together with Dean and the WineDepot team. Since announcing the acquisition, we have continued to set new records in respect of GMV and new buyer acquisition and our sights are now set upon delivering and exceeding the agreed performance targets over the next two years.”
“Our focus will remain on building a game changing product for the beverage industry. Given our strong momentum it is really exciting to think what we can achieve next year by leveraging WineDepot’s supplier base and tech enabled national logistics solution.”